U.S. trade court ruled Trump’s reciprocal tariffs are illegal. The White House plans to appeal to the Supreme Court. Trade war? It’s turning into a U.S. internal war. One word: chaos!
Q1 GDP was revised up to -0.2% from -0.3%. Still a contraction, though slightly better than before.
AI leader NVDA keeps delivering big growth. Revenue is soaring. While next quarter’s guidance fell short of expectations, the impact from China restrictions turned out to be less severe than the company had thought. Stock is rising pre-market.
Overnight, the major indices surged, but pre-market gains have pulled back—about half of the earlier move remains. Watch SPY’s key open range at $592-587. If it drops below, the broader pullback continues. On the flip side, if it can quickly break above $595-598, the next target could be all-time highs.
Recently, big tech stocks have been the main driver of the market. MSFT keeps testing the $464ish record highs—whether it breaks through is a key signal. NVDA is also facing resistance around $150ish.
TSLA took the lead this week, pushing higher. Musk is wrapping up his government work and returning to Tesla today. If TSLA can break above $370, it could retest the $400 zone where the recent downtrend started. Also, rumors say Robotaxi could start road testing on June 12.
Pre-market movers: NVDA is up 5% after earnings, HPQ down 8%, AI up 15%. The U.S. banned EDA software exports to China, SNPS tanked intraday yesterday but beat expectations after hours and is bouncing +2% pre-market. Another EDA player CNDS is up 3%.
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